customer expectations co op tony sellers
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Customer Expectations: Building a deeper understanding to deliver greater satisfaction
Tony Sellers
Head of Payment Services
The Co-operative Bank
2 July 2008
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What we’ll be covering
• What actually influences customers’ satisfaction?• How do Financial Services fare in all this? • How can you understand customers?• What does this mean for Cards and Payments?
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What influences customers’ satisfaction
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What influences customers’ satisfaction
“The essential difference between emotion and reason is that emotion leads to actions...”
David Calne
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How do Financial Services fare in all this?
Benefits and EmotionOR
£
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How can we understand our customers
Customers are
complex!
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Customertheme
Insight
Target audience
Source ofcompetitiveadvantage
Price
Benefits
Our relevant products and
services
Competitorsand
alternatives
Differentiation
What does this mean for Cards and Payments?
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My view of M&S’ Simply Food proposition
Quality food where you
are
Qualitywith
convenience
Time poor
Premium qualityfood brand
Premium prices
Whenand where you want it
Convenient locations
Takeaways,convenience
stores
The best food where
you are
Insight Benefit
Differentiator Price
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Ethicalcredit card
Give back in day-to-day life
Striving for a better world
Average rate
Reduced ethical retailer rate
Discounted ethical
purchases
Standard credit cards
Save theplanet
Own apiece of rainforest (google it!)
A niche Credit Card proposition
Insight Benefit
Differentiator Price
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• Benefits and emotional bonds satisfy customers
• Financial Services are not always using emotional bonds
• Understand your customers by:�Spending time with them�Focusing on insights to a
target audience• Create products that give greater
customer satisfaction by forming an emotional bond
Deeper understanding to deliver greater satisfaction
